Employer Bulletin | 22 May 2023

Despite global challenges, the Treasury anticipates New Zealand will avoid recession, supported by rebuilding efforts and stronger tourism. The forecast includes a growth rate of 3.2% this year, falling inflation, a peak unemployment rate of 5.3% next year, 5.2% annual wage growth, and a net debt peak of 22% of GDP in 2024. The government aims to achieve a surplus by 2025/2026, and real government consumption is expected to fall by 5% by early 2025. The forecast indicates a strong economy that can withstand challenges.

In today's Bulletin:

• Bread and butter Budget 2023 leaves only crusts for business
• Budget delivers support for tertiary education and training
• Govt investment in arts delivers strong economic results
• Changes to Partner of a Worker Work Visa confirmed
• Business price indexes: March 2023 quarter
• Four Employment Relations Authority cases and two Bills open for public submission.